emini analysis 26th June 2017 – pre-open from Chartprofit
The 6wk poc migrated to 2432.00 on Thursday. Friday’s Value Area was printed entirely above that level and intraday Support was found there late in the session. Pre-open today ES is printing above 2440 in a strong price location.
Minor Support/Resistance = 2432.0 (6wk poc)
First Level LT Support = 2384 (5mn poc)
Second Level LT Support = 2353 (poc)
Sentiment: My version of the Rydex Assets Ratio ended the week at 13.46, a three month high and approaching the highest ratio in the database which was 14.02 on 1st March.
Market Charts: Nyse turned negative; Nasdaq & R2000 stayed neutral; UK stayed negative.
Stocks>50dyma numbers: Nyse 53%, Nasdaq 56%, R2000 55%, UK 54%. Numbers >50 are supportive
Bonds: TLT – on Friday TLT printed its highest level since November.
Dollar Index: rallied back from the March low to probe 101.00, the major poc, in early April. That probe into Resistance was rejected. Chart remains in a weak price location. Support at 95.57, the 2yr poc.
Gold: closed the week below 119.84, the maj poc. GLD needs to recover this level to regain a strong price location. Cash indicates a lower open for GLD today.
Oil: USO – printing below 10.28, the 4mn poc, in a weak price location. Last week the chart printed its lowest level since Feb 2016. Key chart.
GBPUSD: as long as chart holds above 1.2478, the maj poc, it is in a strong price location in the LT.
EURUSD: in April EURUSD tested the Support at 1.0597, the 7mn poc, and held. Has rallied from there. Resistance is at 1.1329, the maj poc.
USDJPY: The 12mn pooc has migrated to 111.30 and price relative to that level is now important to monitor.
click graphic to enlarge
